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Related Flashcards
Related Topics
Cards In This Set
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A group of buyers and sellers of a particular good or service
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Market
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A group that determines the demand for a product
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Buyer
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A group that determines the supply of the product
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Sellers
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A market in which there are many buyers and many sellers so that each has a negligible impact on the market price
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Competitive market
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Characteristics of a perfectly competitive market
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1. the goods offered for sale are exactly the same
2. buyers and sellers are so numerous that no single buyer or seller has influence over the market price |
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Markets with only one sellers that sets the price
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Monopoly
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The amount of a good that buyers are willing and able to purchase
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Quanitity demanded
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The claim that, other things equal, the quantity demanded of a good falls when the price of the good rises
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Laws of demans
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A table that shows the relationship between the price of a good and the quantity demanded, holding constant everything else that influences how much of the good consumers buy
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Demand schedule
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Downward sloping line relating to price and quantity demanded
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Demand curve
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The sum of all individual demands for a particular good or service
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Market demand
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Any change that increases demand at every price
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Increase in demand
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Any change that reduces the quantity demanded at every price shifts the demand curve to the left
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Decrease in demand
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What would cause a shift in the demand curve?
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Income, prices of related goods, tastes, expectations, number of buyers, summary
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A good for which, other things equal, an increase in income leads to an increase in demand
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Normal good
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